Friday, November 21, 2008

XPEL Sells ArmourfendCAD

San Antonio-based XPEL said Friday that it has sold its ArmourfendCAD subsidiary, which is based in El Dorado Hills, California, to the firm's founder and CEO, Robert Jackson. According to XPEL, the move was made to allow the firm to focus on cutting costs, and in reaction to the current economic environment. XPEL said that XPEL received 417,486 shares of its common stock, and a one time payment of $28,000 by Jackson for ArmourfendCAD.